International Banking Order, 2000 · As enacted · Part III
Section 14
Official textFrom Attorney General's Chambers, unchanged
Under the supervision of the Minister, the Authority shall be responsible for ensuring the proper administration of this Order.
1055
In addition to any functions conferred on it by or under any other provisions of this Order, the Authority shall have the following functions -
the Authority
"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;
where it thinks fit or when required to do so by or under this Order or any other written law, the Authority shall examine by way of the receipt of regular returns or in such other way as it thinks fit the affairs or business of any licensee for the purpose of determining that all the requirements of this Order are being met and that the licensee is carrying on its business in a satisfactory manner;
where it has reasonable grounds to believe that a licensee or any director or other officer of a licensee has or may have contravened any of the provisions of this Order or any other of the laws of
Brunei Darussalam, the Authority shall conduct or assist in the investigation of that contravention;
the Authority may examine the accounts of licensees of which copies are required to be sent to it under this Order,
Subject to section 17, nothing in this Order authorises the Authority to inquire specifically into the identity, accounts or affairs of any specific customer of a licensee, and the following provisions of this Part shall be construed accordingly.
licensee
"licensee" means a bank which is for the time being the holder of a licence;
Terms defined in s 2
director
Defined · s 2"director" includes any person occupying the position of director of a comp{lny, by whatever name called, and includes an alternate or substitute director;
licensee
Defined · s 2"licensee" means a bank which is for the time being the holder of a licence;
the Authority
Defined · s 2"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;
written law
Defined · s 2"written law" includes all Acts, Enactments and Proclamations, and subsidiary legislation, or any part thereof, but does not include any Act of Parliament not any Order of Her Britannic Majesty in Council, Royal Charter or Royal Letter Patent nor any law which no authority in Brunei Darussalam is empowered to amend; {2) Subject to subsection (3}, in this Order a "deposit" is a sum of money paid on terms under which it will be repaid (with or without interest margin, yield, mark·up or premium}. and either on demand or on such terms at such time 1044 or in such circumstances agreed by or on behalf of the person making the payment and the person receiving it. (3) Notwithstanding subsection (2}, a sum of money is not a deposit if~ {a} it is paid by way of advance or part payment for the sale, hire or other provision of property or services and is repayable only in the event that the property ot those services is or are not in fact sold, hired or otherwise provided; (b) it is paid by way of security for payment for the prov1s1on of property or services provided or to be provided by the person by whom or on whose behalf the money is accepted; {c) it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or in any other manner; {d) it is a sum of money that is a loan made by a person in the course of a business of lending money carried on by him, to any other person, except a licensee or a bank which is licensed under the Banking Act or the Islamic Banking Act; or (e) it is a sum of money that is paid by one institution to another at a time when one of them is a subsidiary or affiliate of the other or both are subsidiaries or affiliation of another institution in terms of the definition of subsidiary, parent, holding an affiliate institutions set forth in Part II of the First Schedule. (4) For the purposes of this Order, "international banking business" is banking business which does not (except with the prior written consent of the Minister in each case given on such conditions as he considers desirable) involve- (a) taking deposits from, leading money to or otherwise conducting banking business with any person resident in Brunei Darussalam, other than- (i) a licensee; (ii) an international business company; (iii) a foreign international company; (iv) an international limited partnership; (v) an international trust; or BRUNEI DARUSSALAM GOVERNMENT GAZETTE lvi) a person licensed under the Registered Agents and Trustees Licensing Order, 2000; or (b) making available accounts denominated in, lending money in or otherwise conducting banking business in the currency of Brunei Darussalam. (5) (a} For the purposes of this Order, "international Islamic banking business" is international banking business conducted by an institution which may be foreign-owned or controlled but whose aims or operations shall not be detrimental to the interests of Islamic banking business.